Elizabeth Warren Urges Biden Administration to Address Crypto’s Use in Terrorist Financing
Senator Elizabeth Warren (D-Mass.) has joined over 100 lawmakers in calling on the Biden administration to take action against cryptocurrency’s role in terrorist financing. In a bipartisan letter, Warren expressed concerns about the Hamas terrorist organization using cryptocurrency to fund its attacks on Israel.
Warren specifically wants information on how these criminal organizations have evaded US sanctions and what measures the administration plans to implement to address terrorist financing through cryptocurrency.
Hamas and PIJ Raised $130 Million in Cryptocurrency
The letter revealed that between August 2021 and June 2023, Hamas and Palestinian Islamic Jihad (PIJ) raised $130 million in cryptocurrency funds. These transfers were conducted using various digital currencies. Additionally, PIJ sent $12 million in crypto to Hezbollah this year.
The difficulty of tracking cryptocurrency transfers poses a challenge for governments trying to crack down on terrorist financing. Lawmakers cited a Telegram post by Hamas emphasizing the importance of money in warfare to highlight the dangers of unchecked crypto use by terrorists.
Request for Stronger Action from the Biden Administration
The call for action comes as tensions escalate between Hamas and Israel. The lawmakers are urging a prompt response from the US Treasury and Washington DC by October 31.
US Imposes Sanctions on Hamas Members and Virtual Currency Exchange
The US Treasury Department’s Office of Foreign Assets Control (OFAC) recently added ten key members, operatives, and financial facilitators of Hamas to its sanctions list. The sanctions also target a Gaza-based virtual currency exchange involved in terror financing.
Treasury Secretary Janet Yellen stated that the US government has successfully disrupted terror financing in the past, targeting over 1,000 individuals and entities connected to terrorism. The latest rounds of aggression with Israel have further motivated efforts to combat terrorist financing.
Hot Take: Addressing Crypto’s Role in Terrorist Financing is Crucial for Global Security
The concerns raised by Senator Elizabeth Warren and other lawmakers highlight the urgent need for governments to address cryptocurrency’s use in funding terrorism. With Hamas and PIJ raising significant funds through digital currencies, it becomes imperative to develop stronger measures to track and prevent such transactions.
The Biden administration must take decisive action in collaboration with international partners to dismantle the financial networks supporting terrorist organizations. By doing so, we can enhance global security and disrupt the flow of funds that fuel acts of violence and instability.
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